The African Development Fund(ADF) Board of Directors will disburse a loan of KSh 5.5 Billion ($ 50.7 Million) to Tanzania, to assist the state in responding to the coronavirus pandemic.
This loan, from the African Development Bank Group’s COVID-19 Response Facility (CRF), will be used to supplement Tanzania’s $109 Million national COVID-19 response plan, which is jointly supported by other financiers and development partners.
Tanzania is keen to support its economy by shielding businesses and households from the adverse effects of COVID-19 pandemic.
While its economy was projected to grow at over 6.2% this year, the pandemic has hit Tanzania severely, cutting its growth prospects to between 3.6% and 2.6%.
Nnenna Nwabufo, the Acting Director-General of ADB’s East Africa regional office, said ADB’s support is part of the Bank’s regional member countries, including Tanzania.
He said the evolution of COVID-19 and changing containment measures remain dynamic and unpredictable, adding that the full impact of COVID-19 is not yet fully understood.
“The ADB Group is stepping up its coordination with governments, as well as with other development partners to adapt and strengthen its monitoring and response to the pandemic,” Nwabufo said.